2016 (4) TMI 402

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....g quashing of the reasons communicated to the Petitioner under letter dated 8th March, 2002 of the Deputy Commissioner of Income Tax, Special Range-3, seeking to reopen the assessment for Assessment Years ('AYs') 1993-94 and 1994-95. 2. For both the aforementioned AYs the regular assessments under Section 143(3) of the Act was completed on 27th March, 1996 and 28th February, 1997 respectively. Fo....

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.... reason to believe that in the respective AYs income had escaped assessment. In response to the notices, the Petitioner by letters dated 18th April, 2001 re-filed copies of the original returns for the respective AYs. 5. It must be noted straightway that as far as AY 1993-94 is concerned, the notice dated 29th March 2001 is beyond the period of six years from the end of the financial year, i.e., ....

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....ct, passed by the AO on 18th March, 2002. This fact is seriously contested by the Petitioner. Subsequently, an order was passed by the Court on 23rd April, 2004 in light of the decision in GKN Driveshafts (India) Ltd. v. Income Tax Officer (2003) 259 ITR 19 requiring the AO to dispose of the petitions of the Petitioners with the reasons for reopening the assessment after the reasons being furnishe....

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....o show that there was some tangible material providing a live link to the reasons to believe that income had escaped assessment. Further the Revenue had to show that that there was a failure by the Assessee to 'disclose fully and truly all material facts necessary for the assessment for the relevant assessment year'. 9. On perusal of the reasons for reopening the assessment, it is clear that neit....